Application Deadline Now Extended to Jan 31st, 2021
Afro You Can Business Plan Competition Apply Now
Recent events in our nation have highlighted the fact that there is not enough business ownership in the black and particularly in the black immigrant community. To help support and encourage entrepreneurship in this community, GK Folks has created a business plan competition that will award $3500-$5000 as seed funding to the top performers to help them launch their companies. In empowering these organizations to thrive, the hope is that these successful business owners can then facilitate and drive additional investment in the development of entrepreneurs in the immigrant community or in their country of origin. Currently, we are recruiting participants who have a business plan or idea that is innovative and implementable. Participants can be students or non-students, as long as they have a business idea they would like to implement. Delegates will work with mentors and judges who are investors or entrepreneurs themselves to develop their business plan, attend workshops related to improving their business plan, understand how to structure the financial portion of their companies, and learn how to develop a strong pitch for their idea. Additionally, participants should consider the impact of COVID on their business ideas and pitches. The competition will culminate in a final presentation and an awards ceremony where the cash prize will be distributed to the winner as seed funding. The foundation will also connect winners with potential investors that can help support their ideas long-term and help them develop their business acumen.
Prize: Cash Awards
Benefits of Participating:
- Potential seed funding
- Mentorship from industry experts
- Potential business investors
- Exposure to industry leaders
- Business resources
- Website coaching
- Social media/marketing coaching
- Must be 18 years of age or older
- Individuals or groups can enter the competition
- All participants must be black immigrants or children of black immigrants
- Any individual who meets the above requirements is eligible to enter the competition by submitting an official Entry Form (defined below)
- There are no fees to apply or to compete.
- Once an application is submitted, no changes can be made.
- One member of your startup, the designated leader, should complete the simple online application. The application requires submission of a short survey, a business plan (maximum five pages), and a pre-recorded video pitch of their idea (must be at least 1 minute in length).
Startups should fall into one of the following categories or sectors:
- Energy/Clean Technology (i.e. sustainability, water, battery technologies, etc.)
- Control Systems, Smart Metering, PV Technology, Natural Gas, Transportation/Mobility, Oil & Gas
- Technologies, Algae, Fuel Cells, Hybrid Vehicles
- Tech (including but not limited to): Mobile Apps/Software, Digital Media, Consumer Web, B2B
- Applications, Enterprise Software, SAAS, Web, Virtual Reality, Big Data, Machine Learning, Artificial
- Intelligence, Drones, Hardware, Robotics, Drones, Internet, IoT
- Mental Health, Education & Entrepreneurship
- Life Sciences (including but not limited to): Medical Devices, Diagnostics, Digital Health, Health IT, Biotech, Therapeutics
- Other Innovations (including but not limited to): Advanced Materials, Composites, Nanotechnology, Consumer, Other Technology
- Type in any other industry if not listed above
JUDGING Round 1: Video Pitch and Business Concept Round Judging Criteria
The judges will use the following evaluation criteria when reviewing the Business Concept and Strategy round:
- Was a detailed explanation of the business idea and value proposition provided?
- Was the justification of market potential included?
- Would the business idea be implemented as presented within the next year?
- Was the value proposition to investors presented?
- Does the information provide entice the audience to want to know more about the business?
- Is the business plan complete and detailed with the information below?
- Executive Summary
- Company Summary
- Products and Service
- Market Analysis Summary
- Competitive Analysis
- SWOT Analysis
- Marketing Strategy
- Marketing Plan Summary
- Start-up Funding
- 3/5-year Profit and loss Forecast
- 3/5 Year Balance Sheet Forecast
- 3/5 Year Cash Flow Projection
- Break-even Analysis
- Graphs and Tables
JUDGING Round 2: Final Presentation Round Judging Criteria
During the final presentation round, each team gives a refined seven-minute PowerPoint presentation followed by eight minutes of questions from the judges. The judges score the teams in the following categories:
- The value created by the new product/services.
- The attractiveness of the market opportunity.
- The competitive advantage of the proposed venture.
- Operational and technical viability.
- The capability of the management team.
- Capital requirements and financial forecast.
- Exit strategy.
- Strength of the oratory and PowerPoint presentation.
- Sept 30th, 2020: Applications open
- Jan 31st, 2021: Application deadline
- Feb 8th, 2021: Round 1 judging commences and the top 5 are selected
- Feb 22th, 2021: Top 5 participants are announced
- TBD: Round 2 judging and awards ceremony
Below is a business plan template to help you. If you need help on how to write a business plan, please utilize the following resources below and sign up for the virtual workshop.
When: Oct 28th, 2020
Time: 6:30pm MST